Platinum Supply Deficit Thesis

Dave Collum is a Professor of Chemistry at Cornell University. In this conversation, we discuss asset prices in 2025, the economy, and the impact of monetary policy on markets. Dave explains why he believes the stock market is overvalued, why he’s concerned about risk assets, and why he’s uneasy about gold’s strong performance despite being a major holder. We also touch on his annual letter, inflation, investing outlooks, U.S. politics, geopolitics, and why independent thinking matters heading into 2026.

=======================

BitcoinIRA: Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Take 3 minutes to open your account & get connected to a team of IRA specialists that will guide you through every step of the process. Go to https://bitcoinira.com/pomp/ to earn up to $1,000 in rewards.

=======================

As markets shift, headlines break, and interest rates swing, one thing stays true — opportunity is everywhere. At Arch Public, we help you do more than just buy and hold. Yes, our dynamic accumulation algorithms are built for long-term investors… but where we really shine? Our arbitrage algos — designed to farm volatility and turbocharge your core positions. The best part of Arch Public’s products is they are free! Yes, you heard that right, try Arch Public for free! Take advantage of wild moves in assets like $SOL, $SUI, and $DOGE, and use them to stack more Bitcoin — completely hands-free. Arch Public is already a preferred partner with Coinbase, Kraken, Gemini, and Robinhood, and our team is here to help you build smarter in any market. Visit Arch Public today, at https://www.archpublic.com, your portfolio will thank you.

=======================

Uphold is the easiest way to buy and sell crypto unlike any other platform allowing you to trade in just one step between any supported asset. Check them out at https://uphold.sjv.io/K0RXra. This video includes a paid sponsorship with Uphold. I’m compensated by Uphold for promoting its products and services and may receive commissions from referrals. Terms apply. Not available in all jurisdictions. Digital assets are risky and may result in the total loss of your capital.

=======================

Timestamps:

• 0:00 - Intro
• 1:31 — 2025 asset performance & Dave’s big picture market view
• 5:56 — Debate: productivity/AI & “new era” valuations
• 11:33 — AI: the tech may be real, but the investment setup may be bad?
• 20:07 — Dave’s portfolio positioning & Gold vs Bitcoin
• 28:08 — Tether: transparency vs risks
• 32:40 — Evaluating Strategy leverage & premiums
• 35:25 — “Rough seas ahead” & why valuation is the core risk
• 46:17 — U.S. economic policy, tariffs, DOGE, government “fraud”
• 1:13:30 — Housing affordability: why building “luxury” can lower overall rents
• 1:18:48 — AI + education: personalized tutors vs losing the ability to think
• 1:22:42 — Tucker Carlson experience & media backlash
• 1:35:08 — Where to find Dave’s annual letter & closing thoughts